Tag archives: CC

Verdict: • Short-run Neutral.   Macro: • US jobless claims down 17,000 to 233,000, refreshed biggest drop during the year, indicating a warm on job market. • China’s CPI in July increased by 0.5% year-on-year, est. 0.3%, last 0.2%.   Iron Ore Key Indicators: • Platts62 $99.30, -1.30, MTD $102.03. IOS traded around $99.5 before …

Continue reading “Daily Virtual Steel Mill Report 09/08/24”

Verdict: • Short-run Neutral.   Macro: • China iron ore import in July up by 5% on the month at 102.81 million tons, because of miners increase shipments in June to finish year-end delivery target. • Bank of Japan sent strong dovish signal after the huge financial market volatility spread over the world. The governor …

Continue reading “Daily Virtual Steel Mill Report 08/08/24”

Verdict: • Short-run Neutral.   Macro: • The Panama Canal Authority announced on August 5th that the maximum draft standard for ships passing through the canal will be raised to 49 feet from today. This standard has been raised again after being increased to 48 feet on July 11th, 2024. The Canal Authority explained that …

Continue reading “Daily Virtual Steel Mill Report 07/08/24”

Verdict: • Short-run Neutral.   Macro: • Global equity market saw a “Black Monday” because of unwind on carry trades, which led to equity and some commodity drop. Nikkei index once dropped by 13%, created the biggest single day correction from 1987. However, traders bet on US emergent interest cut or market stimulus, which help …

Continue reading “Daily Virtual Steel Mill Report 06/08/24”

Verdict: • Short-run Neutral to Bullish.   Macro: • US jobless rate up by 4.3% in July, refreshed three-year-high, strengthening the concerns on recession. US Labor Department published non-farm payrolls increased by 114,000 in July, est. 175,000. The expectation on interest cut increased after traders saw these data. • According to a Reuters survey, the …

Continue reading “Daily Virtual Steel Mill Report 05/08/24”

Verdict: • Short-run Neutral.   Macro: • BOE cut interest rate by 25 bps to 5%, as expected from the market previously, the first interest cut since early 2020. • The jobless claims of US last week increased by 14,000 to 249,000, refreshed single week high in 2024, est. 236,000. • Eurozone July PMI 45.8, …

Continue reading “Daily Virtual Steel Mill Report 02/08/24”

Verdict: • Short-run Neutral.   Macro: • The US Federal Reserve ended its two-day monetary policy meeting on July 31st and announced that the target range for the federal funds rate would remain unchanged between 5.25% and 5.5%. Federal Reserve Chairman Powell stated after the meeting that there is a possibility to discuss lowering policy …

Continue reading “Daily Virtual Steel Mill Report 01/08/24”